Sawiris family in talks to buy Porsche’s stake in Bugatti maker
Egypt’s billionaire Sawiris family is seeking to enter the high-stakes world of super sports cars.
HOF Capital, a firm cofounded by two members of the Egyptian clan, and BlueFive Capital are in talks to buy Porsche’s stake in Bugatti Rimac, Bloomberg reports.
The discussions center on Porsche’s holding in the venture it runs with Rimac Group, which combines the Bugatti brand with Rimac’s electric performance technology.
If completed, the deal could also include Porsche’s stake in Rimac itself, potentially bringing fresh capital into the Croatian electric car business.
Sotheby’s sells cars, jewelry, handbag at Abu Dhabi auction
Sotheby’s first Abu Dhabi Collectors’ Week raised $133 million from a series of auctions, including sports cars, jewelery and a Hermès handbag owned by Jane Birkin, which went for $2.9 million.
Among the most jaw-dropping sales was a 31.68-karat pink diamond that sold for $8.8 million and a 1994 McLaren F1 car for $25.3 million.
The glitzy event, held at the St. Regis Saadiyat Island Resort last week, fortuitously coincided with the Milken Middle East and Africa Summit, an event known for attracting billionaires, held at the same venue.
Collectors’ Week, which included a showcase of $500 million worth of non-selling art, follows a $1 billion injection by Abu Dhabi’s sovereign fund ADQ for a minority stake in Sotheby’s.
